Curtiss-Wright Lowers Q3 and FY 2012 Guidance

Curtiss-Wright

today lowered its third quarter and full year financial guidance to reflect the combined impacts of a recent labor strike, additional investments in the AP1000® program, continued delays in the large project oil and gas business, and modest softening in new orders. The combined impact of these changes, the majority of which will impact the third quarter, will reduce full-year diluted EPS to $2.05 - $2.15, down from the Company's previously issued full-year diluted EPS guidance of $2.50 - $2.60. Martin R. Benante, Chairman and Chief Executive Officer of Curtiss-Wright commented, "The majority of the financial impact relates to a walkout that shut down the plant that produces highly specialized nuclear cooling pumps and to unforeseen additional efforts identified during the final preparation and shipment of the first two AP1000 pumps. Other contributors were continued delays in the start of large oil & gas projects, and modest